Recovery of materials from fly ash is well known. A typical disclosure showing recovery of magnetic materials from fly ash is contained in U.S. Pat. No. 3,769,054. One of the problems with the heretofore known processes for recovery of magnetite from fly ash is that the processes are expensive, and the recovered magnetite often times contains undesirable impurities. It is desirable to have an inexpensive process which produces magnetite having a high degree of purity.